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Sep 2018
Financial Adviser
USD 104 million
US Public Offering


September 2018

Kempen is pleased to announce that it acted as European Financial Adviser to ProQR in its USD 104 million public offering in the United States

Transaction highlights

  • Transaction launch on the back of positive interim results from the Phase 1/2 clinical trial of QR-110 in Leber’s congenital amaurosis 10 Patients which triggered a share price increase of c.120% prior to transaction launch
  • Placement of 5,750,000 ordinary shares for gross proceeds of USD 90.6 million, upsized by c.21% from the original deal size of USD 75 million on the back of strong investor demand generated during bookbuilding
  • Issue price of USD 15.75 per ordinary shares represented a discount of 10.3% versus the pre-announcement closing price and premium of 98.1% versus the pre-clinical data release closing price the day prior to transaction launch
  • Gross proceeds increased by c. USD 13.6 million to USD 104.1 million upon exercise of the over-allotment option in full
  • In the transaction, Kempen assisted ProQR in the execution of its marketing strategy, with a specific focus on European Life Science specialist investors
  • Dutch ProQR is the first company that Kempen advises on an ECM transaction with a listing only on US NASDAQ. Thanks to the recently obtained approval to act as underwriter in US offerings Kempen, in close collaboration with Kempen & Co U.S.A., is able to assist its corporate clients in equity capital market transactions on both the European and US stock exchanges
  • This transaction marks Kempen’s seventh Life Sciences transaction this year and the fourth US Life Sciences ECM transaction in which Kempen acted as adviser

Company description

ProQR Therapeutics is a clinical-stage biopharmaceutical company focused on the development of transformative RNA medicines for the treatment of severe genetic rare diseases such as Leber’s congenital amaurosis 10, dystrophic epidermolysis bullosa and cystic fibrosis using their unique proprietary RNA repair platform technologies. ProQR Therapeutics was founded in 2012 and is listed on the NASDAQ since 2014.

Background Kempen Life Sciences & Healthcare

Over the years, Kempen has successfully completed a large number of transactions in its Life Sciences & Healthcare franchise. Recent transactions include: Joint Global Coordinator and Joint Bookrunner in the EUR 77.5 million capital increase by Mithra Pharmaceuticals, Adviser in the Capital Increase of dacadoo, Issuer’s Adviser in the USD 54.4 million Global Offering of Celyad, Joint Global Coordinator and Joint Bookrunner in the EUR 36 million capital increase by MDxHealth, financial adviser and coordinating placement agent in the EUR 30 million capital increase by Mainstay Medical, Joint Bookrunner in the SEK 155 million capital increase by Medivir, Issuer’s Adviser to argenx in its USD 266 million public offering in the United States and USD 115 million NASDAQ IPO, Joint Bookrunner in the SEK 244 million capital increase by Wilson Therapeutics combined with a placement of SEK 157 million of existing shares, Joint Bookrunner in the EUR 80 million capital increase by Biocartis and sole M&A advisor to SurgVision on its sale to Bracco.

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